City Of London
London Homebuilder Berkeley Group Plans to Slow New Land Deals
- Company will instead prioritize returning cash to investors
- Soaring inflation and rising interest rates may cool UK market
Berkeley added four major new sites in the year through April, adding 6,000 homes to its pipeline.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
London’s biggest homebuilder Berkeley Group Holdings Plc plans to put the brakes on buying new land as the business pivots to returning capital to shareholders against a backdrop of a cooling housing market.
The company said it “will now only acquire new land very selectively,” after a period of sustained investment in new projects, according to a statement Wednesday. Instead it will prioritize returning cash to investors over and above its existing commitments, it said in the statement.